Accelerate Long Island Inc
- Assets
- $900.3k
- Revenue
- $75.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Melville, NY
- Founding
- 06/2014
- Data as of
- 12/2021
- EIN
- 80-0775764
Organization Overview
Accelerate Long Island Inc is located in Melville, NY. The organization was established in 2014. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Accelerate Long Island Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Accelerate Long Island Inc generated $75.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (25.9%) each year. All expenses for the organization totaled $23.5k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (36.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACCELERATE NY INNOVATION TC FUND, L.P. IS AN EARLY STAGE VENTURE CAPITAL FIRM ESTABLISHED ON DECEMBER 7, 2016 BY ANYITC FUND GP, LLC, THE GENERAL PARTNER, AND NEW YORK STATE URBAN DEVELOPMENT CORPORATION D/B/A EMPIRE STATE DEVELOPMENT. (ESD), THE LIMITED PARTNER, IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT OF LIMITED PARTNERSHIP (THE PARTNERSHIP AGREEMENT). THE PARTNERSHIP'S GENERAL INVESTMENT STRATEGY IS TO PROVIDE FUNDING FOR HIGH-TECH START-UP COMPANIES IN DOWNSTATE NEW YORK STATE.
THE ORGANIZATION AND A GROUP OF PARTNERS FROM ITS FOUNDING RESEARCH INSTITUTIONS PARTICIPATED IN THE MIT VENTURE MENTOR SERVICE'S IMMERSION PROGRAM AND ESTABLISHED A SIMILAR MENTORSHIP PROGRAM ON LONG ISLAND. THIS MENTORSHIP PROGRAM ADOPTED MIT'S "GUIDING PRINCIPLES", WHICH INVOLVE A TEAM APPROACH TO MENTORING AND ESTABLISHING AN "OBJECTIVE" RELATIONSHIP BETWEEN THE MENTORS AND THE ENTREPRENEURS THAT DOES NOT INVOLVE OTHER BUSINESS RELATIONSHIPS. THE MENTOR PROGRAM IS NOW BEING ADMINISTERED BY THE CENTER FOR BIOTECHNOLOGY.
ALI WAS AWARDED A $500,000 GRANT FROM NEW YORK STATE EMPIRE STATE DEVELOPMENT TO MAKE WORKING CAPITAL GRANTS TO TECHNOLOGY FIRMS ON LONG ISLAND AS PART OF A REGIONAL EFFORT TO SUPPORT NEW TECHNOLOGY STARTUP COMPANIES AND COLLABORATIONS AMONG LONG ISLAND'S RESEARCH INSTITUTIONS. THE PROGRAM WAS COMPLETED AS OF DECEMBER 31, 2015.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin S Law Chairman | Trustee | 1 | $0 |
Leo Guthart Vice Chairman | Trustee | 1 | $0 |
Charles M Strain Secretary | Trustee | 1 | $0 |
Roger Savell Treasurer | Trustee | 1 | $0 |
Michael Dowling Director | Trustee | 1 | $0 |
Nancy Rauch-Douzinas Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $75,000 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $75,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,030 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $4,471 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,016 |
| All other expenses | $0 |
| Total functional expenses | $23,517 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $174,478 |
| Savings and temporary cash investments | $1,034 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,548 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $693,278 |
| Total assets | $900,338 |
| Accounts payable and accrued expenses | $2,082 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,082 |
| Net assets without donor restrictions | $897,222 |
| Net assets with donor restrictions | $1,034 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $900,338 |
Grants Awarded
Over the last fiscal year, Accelerate Long Island Inc has awarded $200,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
SYMBIOTIC HEALTH INC PURPOSE: seed funding | $50,000 |
RIGHT DOSE INC PURPOSE: seed funding | $50,000 |
EVISAGENICS INC PURPOSE: seed funding | $50,000 |
DEPYMED INC PURPOSE: seed funding | $50,000 |